$9.11 Billion is the total value of Par Capital Management's 82 reported holdings in Q1 2018. The portfolio turnover from Q4 2017 to Q1 2018 was 20.5% .
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| UAL | Buy | UNITED CONTL HLDGS INC | $1,074,989,000 | +3.6% | 15,474,152 | +0.5% | 11.80% | +1.7% |
| EXPE | Buy | EXPEDIA GROUP INC | $896,302,000 | -6.1% | 8,117,944 | +1.9% | 9.84% | -7.8% |
| DAL | Buy | DELTA AIR LINES INC DEL | $731,210,000 | +0.0% | 13,340,809 | +2.2% | 8.03% | -1.7% |
| MCK | MCKESSON CORP | $588,344,000 | -9.7% | 4,176,500 | 0.0% | 6.46% | -11.3% | |
| GRUB | GRUBHUB INC | $504,133,000 | +41.3% | 4,968,300 | 0.0% | 5.54% | +38.8% | |
| CAR | AVIS BUDGET GROUP | $289,547,000 | +6.7% | 6,181,608 | 0.0% | 3.18% | +4.8% | |
| BKNG | New | BOOKING HLDGS INC | $288,144,000 | – | 138,505 | +100.0% | 3.16% | – |
| LUV | Buy | SOUTHWEST AIRLS CO | $283,124,000 | -10.7% | 4,942,800 | +2.1% | 3.11% | -12.2% |
| GLPI | Buy | GAMING & LEISURE PPTYS INC | $258,371,000 | +50.3% | 7,719,478 | +66.1% | 2.84% | +47.6% |
| ERI | ELDORADO RESORTS INC | $246,668,000 | -0.5% | 7,474,779 | 0.0% | 2.71% | -2.2% | |
| Z | ZILLOW GROUP INCcl c cap stk | $208,854,000 | +31.5% | 3,882,041 | 0.0% | 2.29% | +29.1% | |
| CHDN | Buy | CHURCHILL DOWNS INC | $202,553,000 | +7.0% | 829,966 | +2.1% | 2.22% | +5.2% |
| BYD | Sell | BOYD GAMING CORP | $196,707,000 | -17.8% | 6,174,101 | -9.5% | 2.16% | -19.2% |
| OC | Buy | OWENS CORNING NEW | $157,683,000 | -11.6% | 1,961,230 | +1.0% | 1.73% | -13.2% |
| ALK | ALASKA AIR GROUP INC | $154,900,000 | -15.7% | 2,500,000 | 0.0% | 1.70% | -17.2% | |
| CZR | Buy | CAESARS ENTMT CORP | $140,951,000 | +85.7% | 12,528,939 | +108.8% | 1.55% | +82.5% |
| TRIP | TRIPADVISOR INC | $135,615,000 | +18.7% | 3,316,569 | 0.0% | 1.49% | +16.5% | |
| CHGG | CHEGG INC | $128,945,000 | +26.6% | 6,241,298 | 0.0% | 1.42% | +24.3% | |
| IGT | Buy | INTERNATIONAL GAME TECHNOLOG | $119,884,000 | +15.9% | 4,485,000 | +15.0% | 1.32% | +13.8% |
| HTZGQ | HERTZ GLOBAL HLDGS INC | $116,888,000 | -10.2% | 5,888,576 | 0.0% | 1.28% | -11.8% | |
| DY | Buy | DYCOM INDS INC | $111,074,000 | -2.5% | 1,032,000 | +1.0% | 1.22% | -4.2% |
| WLL | Buy | WHITING PETE CORP NEW | $108,077,000 | +44.5% | 3,193,750 | +13.1% | 1.19% | +42.0% |
| WEX | WEX INC | $107,285,000 | +10.9% | 685,000 | 0.0% | 1.18% | +9.0% | |
| CONN | Buy | CONNS INC | $103,020,000 | -4.3% | 3,030,000 | +0.1% | 1.13% | -6.0% |
| WMB | Buy | WILLIAMS COS INC DEL | $97,203,000 | +35.1% | 3,910,000 | +65.7% | 1.07% | +32.7% |
| FB | Buy | FACEBOOK INCcl a | $96,194,000 | +1262.9% | 602,000 | +1405.0% | 1.06% | +1236.7% |
| TPX | TEMPUR SEALY INTL INC | $92,754,000 | -27.8% | 2,048,000 | 0.0% | 1.02% | -29.1% | |
| ZG | ZILLOW GROUP INCcl a | $87,367,000 | +32.5% | 1,617,910 | 0.0% | 0.96% | +30.1% | |
| HRI | HERC HLDGS INC | $86,319,000 | +3.7% | 1,329,000 | 0.0% | 0.95% | +1.9% | |
| STMP | Buy | STAMPS COM INC | $82,796,000 | +12.4% | 411,817 | +5.1% | 0.91% | +10.4% |
| RRR | Sell | RED ROCK RESORTS INCcl a | $76,977,000 | -45.7% | 2,629,000 | -37.4% | 0.84% | -46.6% |
| EVHC | New | ENVISION HEALTHCARE CORP | $76,860,000 | – | 2,000,000 | +100.0% | 0.84% | – |
| WMS | ADVANCED DRAIN SYS INC DEL | $70,888,000 | +8.6% | 2,737,000 | 0.0% | 0.78% | +6.6% | |
| TRUE | Buy | TRUECAR INC | $69,283,000 | +28.1% | 7,323,752 | +51.7% | 0.76% | +26.0% |
| DVA | New | DAVITA INC | $69,237,000 | – | 1,050,000 | +100.0% | 0.76% | – |
| MGM | Sell | MGM RESORTS INTERNATIONAL | $68,734,000 | -30.5% | 1,962,700 | -33.8% | 0.76% | -31.7% |
| AAL | AMERICAN AIRLS GROUP INC | $68,527,000 | -0.1% | 1,318,851 | 0.0% | 0.75% | -2.0% | |
| JBLU | JETBLUE AIRWAYS CORP | $64,888,000 | -9.0% | 3,193,290 | 0.0% | 0.71% | -10.7% | |
| PCYO | PURECYCLE CORP | $56,539,000 | +13.2% | 5,982,970 | 0.0% | 0.62% | +11.3% | |
| SERV | SERVICEMASTER GLOBAL HLDGS I | $54,537,000 | -0.8% | 1,072,500 | 0.0% | 0.60% | -2.6% | |
| V | VISA INC | $47,848,000 | +4.9% | 400,000 | 0.0% | 0.52% | +2.9% | |
| PENN | PENN NATL GAMING INC | $47,481,000 | -16.2% | 1,808,113 | 0.0% | 0.52% | -17.7% | |
| DOOR | MASONITE INTL CORP NEW | $45,333,000 | -17.3% | 738,926 | 0.0% | 0.50% | -18.6% | |
| ENT | GLOBAL EAGLE ENTMT INC | $42,602,000 | -35.8% | 28,981,072 | 0.0% | 0.47% | -36.9% | |
| CSGP | COSTAR GROUP INC | $41,708,000 | +22.1% | 115,000 | 0.0% | 0.46% | +19.9% | |
| SYF | Buy | SYNCHRONY FINL | $31,854,000 | +65.0% | 950,000 | +90.0% | 0.35% | +62.0% |
| APC | ANADARKO PETE CORP | $30,205,000 | +12.6% | 500,000 | 0.0% | 0.33% | +10.7% | |
| HOME | Buy | AT HOME GROUP INC | $29,749,000 | +117.5% | 928,500 | +106.3% | 0.33% | +113.7% |
| EXP | EAGLE MATERIALS INC | $28,316,000 | -9.0% | 274,781 | 0.0% | 0.31% | -10.6% | |
| ORLY | O REILLY AUTOMOTIVE INC NEW | $27,212,000 | +2.8% | 110,000 | 0.0% | 0.30% | +1.0% | |
| TVTY | Buy | TIVITY HEALTH INC | $26,764,000 | +35.6% | 675,000 | +25.0% | 0.29% | +33.0% |
| SEMG | Buy | SEMGROUP CORPcl a | $24,402,000 | -16.5% | 1,140,279 | +17.8% | 0.27% | -18.0% |
| TSG | Buy | STARS GROUP INC | $23,181,000 | +721.7% | 841,400 | +594.9% | 0.26% | +696.9% |
| CSX | Sell | CSX CORP | $23,120,000 | -31.7% | 415,000 | -32.5% | 0.25% | -32.8% |
| GRPN | Buy | GROUPON INC | $21,137,000 | +23.0% | 4,870,200 | +44.5% | 0.23% | +20.8% |
| BCEI | Buy | BONANZA CREEK ENERGY INC | $20,866,000 | +656.3% | 753,000 | +653.0% | 0.23% | +638.7% |
| WYNN | New | WYNN RESORTS LTD | $20,060,000 | – | 110,000 | +100.0% | 0.22% | – |
| AAP | ADVANCE AUTO PARTS INC | $19,561,000 | +18.9% | 165,000 | 0.0% | 0.22% | +16.8% | |
| TUESQ | TUESDAY MORNING CORP | $17,651,000 | +43.6% | 4,468,600 | 0.0% | 0.19% | +41.6% | |
| BMCH | Sell | BMC STK HLDGS INC | $15,351,000 | -37.1% | 785,200 | -18.6% | 0.17% | -38.1% |
| CVNA | Buy | CARVANA COcl a | $15,417,000 | +59.4% | 672,363 | +33.0% | 0.17% | +56.5% |
| PFSI | PENNYMAC FINL SVCS INCcl a | $12,911,000 | +1.3% | 570,000 | 0.0% | 0.14% | 0.0% | |
| WBS | WEBSTER FINL CORP CONN | $11,640,000 | -1.3% | 210,100 | 0.0% | 0.13% | -3.0% | |
| EHTH | Buy | EHEALTH INC | $11,646,000 | +33.9% | 813,856 | +62.5% | 0.13% | +32.0% |
| ANGI | New | ANGI HOMESERVICES INC | $10,884,000 | – | 802,040 | +100.0% | 0.12% | – |
| SEM | SELECT MED HLDGS CORP | $10,647,000 | -2.3% | 617,208 | 0.0% | 0.12% | -4.1% | |
| SWN | Buy | SOUTHWESTERN ENERGY CO | $10,392,000 | -11.3% | 2,400,000 | +14.3% | 0.11% | -13.0% |
| CAESARS ENTMT CORPnote 5.000%10/0 | $10,131,000 | -11.6% | 5,933,044 | 0.0% | 0.11% | -13.3% | ||
| TREE | Buy | LENDINGTREE INC NEW | $8,663,000 | +371.3% | 26,400 | +388.9% | 0.10% | +352.4% |
| TRVG | Buy | TRIVAGO N V | $7,895,000 | +53.9% | 1,135,976 | +51.5% | 0.09% | +52.6% |
| ARLZ | Sell | ARALEZ PHARMACEUTICALS INC | $6,647,000 | -21.2% | 4,431,301 | -25.4% | 0.07% | -22.3% |
| DKS | DICKS SPORTING GOODS INC | $5,258,000 | +22.0% | 150,000 | 0.0% | 0.06% | +20.8% | |
| VLRS | Buy | CONTROLADORA VUELA CIA DE AVspon adr rp 10 | $5,131,000 | +51.2% | 629,600 | +48.8% | 0.06% | +47.4% |
| ABC | AMERISOURCEBERGEN CORP | $4,311,000 | -6.1% | 50,000 | 0.0% | 0.05% | -7.8% | |
| GWR | New | GENESEE & WYO INCcl a | $3,540,000 | – | 50,000 | +100.0% | 0.04% | – |
| MMYT | MAKEMYTRIP LIMITED MAURITIUS | $3,512,000 | +16.3% | 101,200 | 0.0% | 0.04% | +14.7% | |
| MLCO | New | MELCO RESORT ENTERTAINMENT Ladr | $2,898,000 | – | 100,000 | +100.0% | 0.03% | – |
| SGRY | New | SURGERY PARTNERS INC | $2,374,000 | – | 138,400 | +100.0% | 0.03% | – |
| PAGP | New | PLAINS GP HLDGS L Pltd partnr int a | $2,175,000 | – | 100,000 | +100.0% | 0.02% | – |
| CTRP | CTRIP COM INTL LTD | $1,865,000 | +5.7% | 40,000 | 0.0% | 0.02% | 0.0% | |
| DORM | New | DORMAN PRODUCTS INC | $1,324,000 | – | 20,000 | +100.0% | 0.02% | – |
| DVD | DOVER MOTORSPORTS INC | $1,411,000 | +7.7% | 671,931 | 0.0% | 0.02% | 0.0% | |
| SGMS | Exit | SCIENTIFIC GAMES CORPcl a | $0 | – | -50,000 | -100.0% | -0.03% | – |
| RAD | Exit | RITE AID CORP | $0 | – | -4,500,000 | -100.0% | -0.10% | – |
| CP | Exit | CANADIAN PAC RY LTD | $0 | – | -160,000 | -100.0% | -0.33% | – |
| HCA | Exit | HCA HEALTHCARE INC | $0 | – | -2,000,000 | -100.0% | -1.96% | – |
| CI | Exit | CIGNA CORPORATION | $0 | – | -1,000,000 | -100.0% | -2.27% | – |
| PCLN | Exit | PRICELINE GRP INC | $0 | – | -138,005 | -100.0% | -2.68% | – |
Original filings
The following EDGAR filing(s) were analyzed to create this report:
- View 13F-HR filed 2018-05-15
Signatures
The EDGAR filing(s) were signed by:
About Par Capital Management
Par Capital Management is a Boston-based investment firm that specializes in the airline industry. The company was founded in 1990 by Paul Reeder and Edward Shapiro, both of whom had previously worked at Harvard Management Company. Since its inception, Par Capital has grown to become one of the most successful hedge funds in the world, with over $10 billion in assets under management.
The firm's investment strategy is focused on identifying undervalued companies in the airline industry and investing in them for the long term. Par Capital's portfolio includes a number of major airlines, including Delta Air Lines, United Airlines, and American Airlines. The company is known for its deep understanding of the airline industry and its ability to identify opportunities that other investors may overlook.
Par Capital is led by CEO Paul Reeder and COO Edward Shapiro, both of whom have extensive experience in the finance industry. The firm's Chief Investment Officer is William H. Spiegel, who has been with the company since 1999. Under their leadership, Par Capital has consistently delivered strong returns for its investors, with an average annual return of over 20% since its inception.
Overall, Par Capital Management is a highly respected investment firm with a proven track record of success in the airline industry. While past performance is not a guarantee of future results, the company's deep industry knowledge and experienced leadership team make it a compelling option for investors looking to gain exposure to the airline sector.
It's important to note that this information is for educational purposes only and has not been fact-checked. As with any investment, it's important to do your own research and consult with a financial advisor before making any investment decisions.
Top long-term holdings
| Name | Quarters owned | Latest quarter owned | Max weighting |
|---|---|---|---|
| EXPEDIA INC DEL | 41 | Q2 2023 | 22.2% |
| DELTA AIR LINES INC DEL | 41 | Q2 2023 | 14.3% |
| TRIPADVISOR INC | 41 | Q2 2023 | 14.4% |
| ALASKA AIR GROUP INC | 41 | Q2 2023 | 8.2% |
| CONTROLADORA VUELA COMP DE A | 37 | Q2 2023 | 1.1% |
| UNITED CONTL HLDGS INC | 36 | Q2 2023 | 24.2% |
| WEX INC | 35 | Q2 2023 | 12.6% |
| SOUTHWEST AIRLS CO | 35 | Q2 2023 | 5.2% |
| AMERICAN AIRLS GROUP INC | 34 | Q2 2023 | 5.1% |
| PURECYCLE CORP | 33 | Q2 2021 | 1.3% |
View Par Capital Management's complete holdings history.
Latest significant ownerships (13-D/G)
| Filed | Shares | Percentage | |
|---|---|---|---|
| Global Eagle Entertainment Inc. | May 22, 2014 | 29,478,011 | 41.0% |
| Orbitz Worldwide, Inc. | November 16, 2009 | 24,624,125 | 24.4% |
| US AIRWAYS GROUP INC | March 17, 2006 | 11,768,485 | 14.3% |
| DECKERS OUTDOOR CORP | February 14, 2006 | 1,147,567 | 9.3% |
| D&K HEALTHCARE RESOURCES INCSold out | February 14, 2006 | 0 | 0.0% |
| FLYI INCSold out | February 14, 2006 | 0 | 0.0% |
| LODGENET ENTERTAINMENT CORP | February 14, 2006 | 750,000 | 4.1% |
| PURE CYCLE CORP | February 14, 2006 | 1,996,739 | 13.7% |
| ULTIMATE ELECTRONICS INCSold out | February 14, 2006 | 0 | 0.0% |
| AMERICA WEST HOLDINGS CORP | February 14, 2005 | 603,000 | 1.7% |
View Par Capital Management's complete significant-ownership history.
Latest filings
| Type | Filed |
|---|---|
| 13F-HR | 2023-11-14 |
| 13F-HR | 2023-08-14 |
| 13F-HR | 2023-05-15 |
| 13F-HR | 2023-02-14 |
| 13F-HR | 2022-11-14 |
| 13F-HR | 2022-08-15 |
| 13F-HR | 2022-05-16 |
| 13F-HR | 2022-02-14 |
| 13F-HR/A | 2021-11-15 |
| 13F-HR | 2021-11-15 |
View Par Capital Management's complete filings history.
All filings
- Holdings (13F-HR)
- Significant ownership (13-D/G)
- Insider transactions (4, 5, 6)
- Events (8-K)
- Shareholder votes (proxy)
View complete filings history.